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Chicago budget shortfall, Chicago Budget deficit, Chicago higher taxes in Chicago

No Good Options as Chicago Seeks Revenue

Facing an $838 million budget shortfall, a looming pension crisis, and an aggressive spending wish list, some Chicago policymakers and activists are expressing interest in a laundry list of new and higher taxes that could, collectively, raise as much as an additional $4.5 billion a year.

6 min read
Senator Wyden capital gains tax, unrealized capital gains tax, mark-to-market capital gains tax proposal

Evaluating Senator Wyden’s “Mark-to-Market” Capital Gains Tax

Wyden’s “mark-to-market” proposal strives to subject capital gains to the same treatment as ordinary income. While the plan resolves the “lock in effect” issue and would make the tax code more progressive, it would increase the tax burden on savers and increase tax code complexity.

2 min read